• Yadav Enterprises, one of the largest Denny’s franchisees, is joining with TriArtisan Capital and Treville Capital Group to purchase the family dining chain.
• The transaction is expected to close in the first quarter of 2026 and would conclude a nearly 60-year run for Denny’s as a public company.
The expected new owners of a brand known for its Grand Slam breakquick are taking a large swing.
An investment group consisting of TriArtisan Capital Advisors, Yadav Enterprises and Treville Capital Group have a definitive agreement to purchase Denny’s, the family dining chain that for years has struggled to grow sales and traffic and continues to close restaurants.
Denny’s announced November 3 it plans to sell itself in a $620 million all-cash deal that values its shares at $6.25, a 52 percent premium compared to the company’s closing share price Monday. The Denny’s board of directors unanimously approved the agreement and the transaction is expected to close in the first quarter of 2026.
Spartanburg, South Carolina-based Denny’s Corp. also includes Keke’s Breakquick Café.
Kelli Valade joined Denny’s Corp. as CEO in 2022.
If completed, Denny’s stock will delist from the Nasdaq in a shift that would conclude its nearly 60-year run as a public company.
Kelli Valade, the CEO of Denny’s, stated in a statement TriArtisan reached out to express interest in purchaseing the chain, after which the board conducted a review of strategic alternatives and reached out to more than 40 potential purchaseers.
Denny’s received “multiple offers,” Valade continued, and determined the deal with TriArtisan “maximizes value and … is fair to and in the best interests of stockholders and represents the best path forward for the company.”
The company, Valade noted in her statement, has created “important progress” across the Denny’s and Keke’s platforms “while navigating a dynamic consumer environment.”
“This transaction delivers meaningful value to our stockholders and is a testament to the incredible work of our teams and franchisees, who have assisted us innovate and meet our guests where they are,” she stated. “TriArtisan and Yadav Enterprises are experienced stewards of leading restaurant brands, and we are excited to work with them as we continue delighting our guests.”
TriArtisan, a New York-based private equity firm, has experience as a casual dining chain owner. It bought P.F. Chang’s in 2019 and had major stakes in TGI Fridays and Hooters. Both of those chains filed for bankruptcy over the past year. Hooters of America this week announced it exited bankruptcy and finalized a sale to Original Hooters, a group that includes the founders of the brand. TGI Fridays emerged from bankruptcy earlier this year.
In a statement, Rohit Manocha, co-founder and managing director at TriArtisan, called Denny’s a “renowned brand,” one with “a strong franchise base and loyal customers.”
“Our team has significant investment experience in the restaurant industest and our acquisition of Denny’s builds on our success with other full-service restaurant concepts,” he continued. “We see forward to working with Kelli and the rest of the Denny’s team and franchisees to provide resources and support the company’s long-term strategic growth plans.”
Yadav Enterprises, led by founder and CEO Anil Yadav, is one of the largest Denny’s franchisees, operating more than 60 locations. Yadav’s franchisee portfolio also includes more than 200 Jack in the Box restaurants and 17 TGI Fridays. The company’s been an active acquirer, purchaseing Taco Cabana in 2021 and Nick the Greek in 2022. It’s next adding Del Taco in an acquisition set to close by January.
Treville, meanwhile, is a New York-based alternative asset manager with a focus on asset-based credit, capital solutions and venture capital.
Denny’s still in turnaround mode;
Keke’s is potential bright spot
Ranked No. 38 on the Franchise Times Top 400, Denny’s generated $2.95 billion in systemwide sales last year, a decline of 1.2 percent. It concludeed 2024 with 1,499 total units, include 165 international locations.
That store count has been dropping since 2020, when it had 1,650 restaurants, and closures continued in 2025 as part of a portfolio optimization plan announced in 2023. At its investor day in October 2024, the company stated it had closed about half the 150 underperforming restaurants it planned to shutter through 2025.
At the conclude of the third quarter September 24, Denny’s had 1,459 units after it closed an additional 26 franchise restaurants and opened one. The number of corporate stores remained flat at 62.
Domestic same-store sales have likewise been in decline for several quarters and slid again in Q3, down 2.9 percent compared to the prior year. Denny’s over the past couple of years has undertaken efforts to reverse the sales struggles, including through restaurant remodels and by leaning even more into value.
Keke’s has 78 locations, primarily in Florida.
It’s remodeled 30 restaurants so far this year, and in the second quarter launched a 4 Slams under $10 promotion, which Valade stated during that quarter’s earnings call resulted in record-high transactions and brought in new and lapsed guests.
In a statement on the company’s third quarter results, Valade stated Denny’s is “evolving its value offerings to meet the guest where they are, strengthening its brand relevance with an enhanced digital presence, a movie collaboration, and the launch of its highly-anticipated new loyalty program.”
Denny’s builds an appearance in “Good Fortune,” Aziz Ansari’s new movie that also stars Seth Rogen and Keanu Reeves, and it launched a campaign to promote a movie-inspired menu that featured a Good Fortune Burger and Budreceive Angel Chicken Nuggies.
Average sales for franchise restaurants during the quarter were $463,000, down from $465,000 in Q3 of 2024.
Keke’s, a breakquick and lunch concept Denny’s acquired in 2022, posted a 1.1 percent same-store sales increase for the third quarter. Its franchise restaurants reported average sales of $441,000 during the period.
Related: Where Are They Now? Keke’s Breakquick Cafe Expands National Reach With Help From Denny’s
Four new Keke’s opened during the quarter, including three franchise units, to give the brand 78 locations, most of them in Florida.
“Keke’s is capitalizing on continued portfolio growth and exceptional guest satisfaction while maintaining its position as a brand leader in the quickest growing segment,” Valade stated. “We will remain agile and continue working closely with our franchisees to navigate this dynamic consumer environment.”
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